JD.com Acquires Auto Accessories Platform Tqmall
Popular Chinese e-commerce platform JD.com has acquired business-to-business automobile aftermarket platform Tqmall, and has launched its own car aftermarket division, JD.com announced Thursday.
The acquisition was completed in March, JD.com said, without revealing the size of the transaction. JD.com plans to build its automobile aftermarket business on the basis of Tqmall’s existing services and platform, the company said.
The automobile aftermarket includes services and products like accessories and replacement parts, which consumers purchase after they buy a car from the manufacturer.
The announcement comes just weeks after car retail platform Yixin Group Ltd. made its trading debut on the Hong Kong stock exchange. JD.com is one of Yixin’s major strategic shareholders.
Tqmall, established in 2014, connects auto repair stores, auto parts sellers, and other participants in China’s secondary automobile market. It also offers financial services and staff training, in addition to other services.
Tqmall Chief Operating Officer Tan Qinglin and founder Yu Jicai are both former Alibaba employees.
With the purchase of Tqmall and launch of its own aftermarket operations, JD.com aims to build a self-sufficient ecosystem connecting aftermarket brands, distributors, car repair companies and consumers, said Xin Lijun, vice-president of JD Group. Upstream expansion is an important part of the company’s strategy, Xin explained.
The e-commerce giant also plans to work with auto insurance providers to set up an insurance advisory group, and hopes to build a scoring system that will integrate offline and online car repairers across China, JD.com said.
JD.com’s main rival, Alibaba Group Holding Ltd., has been growing its auto aftermarket presence since 2015, when it set up its auto division. Alibaba also set up the Ali Association for Cars, which it billed as a Chinese online-offline combination of U.S. auto parts retailer AutoZone and retailers’ cooperative the National Automotive Parts Association.
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